Peking University released the second Chinese "Internet financial development index"

China News Service In April 28, pfeifer VS box Beijing (Chen Su) 28, aop formwork Peking University Internet Financial Research Center released the second phase of the Peking University Internet financial development index". Research Report shows that in December 2015, "80" "90" Internet financial development index is far higher than other age groups, as the main force for growth of Internet financial China. Last December, Peking University Internet Financial Research Center joint Shanghai new financial institute, ant gold clothing group, the preparation of the "Peking University Internet financial development index". Based on the ant payment service and other representatives of the mass data of the Internet financial enterprises, through the analysis of the Internet financial index and the total property, business and area index, "the status and trends of the development of Internet banking Chinese diagnose". The report in January 2014 as the base year, the national Internet financial development index was set to 100, after two years of development, to December 2015, the index has reached 386. The report pointed out that this shows that the rapid development of Internet financial China trend. According to the report, the total index increased mainly due to a few areas pushed up the average national level, the coastal city of Internet financial development level is significantly more than the Inland city. In December 2015, the Internet financial development index China ranked first in the city is the city of Hangzhou. The report says this may be related to the Alibaba of e-commerce and Internet financial "springhead" are closely related. Other top ten city in Shenzhen City, Guangzhou City, Zhuhai City, Xiamen City, Nanjing City, Shanghai City, Beijing City, Wuhan city and Suzhou city. In terms of industries, the Internet financial business development level Chinese showed large differences. Internet payment and Internet monetary fund development index growth is slow, but steady development, in December 2015 the two index were 208.7 and 209.3. The development index of investment in the Internet insurance and the rapid development of the Internet, in December 2015 were 441.4 and 385.6, but the two big business fluctuations. In the age level, both the total index or different business index, 80 and 90 are the main force for growth. In addition, from January 2014 to December 2015, "60" and "90" Internet financial development index of the fastest growth rate. According to the report, which shows that both ends of the Internet financial positive age penetration. (end) ferrule insert

How to look at the RMB exchange rate fluctuations?

This year, the RMB exchange rate has experienced several rounds of volatility on the export enterprises, which affect the geometry? The RMB exchange rate "officially" into the expansion of two-way fluctuation range of the channel, foreign trade enterprises can adapt to the habit? In the 119th session of the Canton Fair, the reporter interviewed on this issue on the part of the export enterprises. Shenyang Arts & Crafts limited company of foreign trade business manager Huang Ling in an interview with the International Business Daily reporter believes that the RMB exchange rate fluctuations smaller short-term impact on the enterprise, because some customers have to pay a deposit in advance. The impact of RMB exchange rate fluctuations on the long-term business is quite obvious. Although the RMB devaluation can promote export enterprises to a certain extent, but will also increase the purchasing cost of raw material and equipment in the domestic market. "The long-term RMB exchange rate fluctuation for the enterprise is not a good thing, we hope that the RMB exchange rate to fluctuate in a relatively stable range." Huang Ling said. Deputy general manager of Quanzhou Nanyang Handicraft Co. Ltd. of Jiang Gang said that if the RMB continued unilateral appreciation trend, or unilateral devaluation of the trend, so enterprises in the pricing and settlement are much simpler. In peacetime, if an enterprise can successfully predict the RMB appreciation trend, at the time of the offer it will raise prices, exchange rate losses can also come back, especially when the larger size of the order. However, once the RMB exchange rate fluctuations in two-way channel greatly, is likely to order at the time of the offer, the settlement is profitable because of the RMB appreciation caused by the loss of the erosion of corporate profits. Insiders suggested that the current RMB settlement in international trade is becoming more and more popular and accepted by more and more foreign businessmen. This is a good news for foreign trade enterprises, enterprises can increase efforts to negotiate with clients, to promote local currency settlement, so as to achieve the purpose of avoiding foreign exchange risk. Li Ke ferrule insert

Investigation report: 2015 Chinese per capita household wealth is 144197 yuan

Original title: report of China family wealth (2016) released Xinhua news agency, Beijing April 28th – by the economic daily China economic trends Institute prepared the "China Family Wealth Report" released on 28. The report covered 25 provinces based on 268 counties a total of 12000 households households survey data, scaffolding accessories involving the Chinese family wealth scale and structure, urban and rural and regional differences, financial assets and housing, investment and financing decisions, family pension plan, the basic status comprehensively and objectively reflect the current Chinese family wealth the. In 2015, China's per capita household wealth is 144197 yuan, the per capita wealth of urban households and rural households was 208317 yuan and 64780 yuan. Urban households per capita wealth is 3.22 times the per capita rural family wealth. In addition to the differences between urban and rural areas, family wealth differences exist in certain areas. The eastern region of the per capita level of household wealth is highest, followed by the central region, the western region is the lowest. In order to understand the formation of household wealth from the source of wealth and the angle distribution, the investigation report Chinese family wealth on household wealth is analyzed. Home equity is the most important part of family wealth, in the family's per capita wealth, home equity accounted for 65.61%; per capita wealth in urban and rural family, home equity proportion was 67.62% and 57.60%. Financial assets in the country, per capita wealth of urban and rural families, respectively accounted for 16.49%, 15.96% and 18.61%. An important part of real estate and consumer durables is the wealth of the family, but the proportion in the per capita wealth in the family showed no significant differences between urban and rural areas. The investigation report Chinese family wealth analysis of urban and rural family cars, consumer credit, investment channels. The survey results show that the retention rate of urban and rural family car for 31.8%. Some families do not have a car, the car has more than two households accounted for 3.48% of the total household survey. On average, per hundred households car ownership is 39.8. The automobile has the significant difference between urban and rural areas. The popularity of household consumption credit is not high, a part of the family owned cars using loans to buy a car, but this part of the family of small scale, family owned cars accounted for only 18%, accounting for 6.5% of all household survey. The main reason for savings in the family, at the top is "ready" for the children's education, more than 40% families as the reason of savings. The second is "to deal with emergencies and medical expenditure for pension savings to prepare for the" do not want to bear the investment risk "for the purchase or renovation preparations". This shows that the precautionary motive is the main reason for the saving behavior of urban and rural families. From the urban and rural family investment channels, participate in all kinds of financial products investment in the family, stock investment participation is relatively high, accounted for 7.35% of all household survey. Investment funds accounted for 4.52% of the family home. Invest in the collection of families accounted for only 3.53% of all households. Participate in various investment products families are not blindly investment, respondents agree with family and friends, colleagues, family, friends and colleagues of the opinions of positive attitude accounted for 57.48%. In addition, highlighting the professional financial management division of the role. According to Chinese household wealth survey, most people after the age of 60 income levels have low expectations. 33.28% of people expected after the age of 60, income will be less than 60 before the age of three. 60.07% of the residents are expected after 60 years of income will drop by more than half. To reach the standard of ideal life in old age, 48.29% of people think we should formulate the pension plan before the age of 50, 33.84% of the respondents think that should be in the 51 – 60 year old pension plan formulation. Family support and pensions are the two most important pension income sources. Most people think that, after 60 years of age may be difficult to cope with the situation, only 6.74% of people think that there will not be difficult to cope with the situation. It will be difficult to cope with in the future of personal concern at the age of 60 in the top five are the major diseases, accidents, help children, daily consumption and inflation. The survey results show that the purchase of commercial endowment insurance, 8.16% of respondents to deal with the risk of pension. ringlock scaffolding

Industrial Bank net profit last year, breaking the 50 billion integrated light highlights the effectiveness of the transformation

Beijing In April 28, fixing socket 2015, halfen channel in the face of Chinese economy entered the throes of transformation and upgrading, downward pressure diminished the "new normal", the industrial bank to improve the quality and efficiency as the center, to further promote the reform through active transformation, adjust business strategy, effectively seize market opportunities, maintain the steady development of the business, the successful implementation of the "12th Five-Year" planning objectives. According to a quarterly Industrial Bank April 27th evening released 2015 annual report and 2016 showed that as of the end of 2015, the Industrial Bank total assets 5 trillion and 298 billion 880 million yuan, representing an increase of 20.25%; net profit of 50 billion 207 million yuan, an increase of 6.51%. The first quarter of 2016 the total assets of 5 trillion and 470 billion 783 million yuan, net profit of 15 billion 700 million yuan, an increase of 6.15%. <strong> Comprehensive financial flagship subsidiary contribution to accelerating the forming of overweight</strong> In 2015, the industrial bank integrated layout and then the next two city, the industrial economic research consulting company opened successfully, a corporate research institutions "domestic banking system precedent; launched banking subsidiary, established the first domestic financial service — focusing on digital industrial digital Financial Services Company, opened up a new road for the comprehensive development of Internet banking. In recent years, through continuous layout, the Industrial Bank has become one of the domestic commercial bank has the largest financial license, which owns 9 kinds of business licenses, 4 direct holdings (wholly owned subsidiary), 6 indirect control equity investment in subsidiaries, 5 companies, from a single bank to the evolution of banks as the main body and cover trust, financial leasing, funds, futures, consumer finance, asset management, Internet banking, research and consulting, financial and other modern digital integrated financial services group. On the basis of the group licence and platform resources, the Industrial Bank actively play group internal between different business functions, different legal entities of strategic synergy and business linkage advantage, to realize the transformation of business development by "fighting man" to "group army". Only last year, business linkage Industrial Bank and Societe Generale trust amount to more than 850 billion yuan, accounting for the company's overall business value of 78%; silver rent linkage marketing project on the amount of 52 billion 400 million yuan, accounting for 90% of the amount invested in industrial leasing; silver cooperation of existence of the business scale of 301 billion 800 million yuan, accounting for industrial fund asset management scale 73%. Thanks to the industrial group brand, resource sharing, joint operations, each subsidiary of the rapid development of business, industry status and the group's profit contribution rising. In 2015, a subsidiary of net profit contribution 2 billion 548 million yuan, an increase of 18.08%. Among them, industrial trust business scale of 908 billion 500 million yuan, representing an increase of 40.92%, net profit grew 15%; industrial finance lease assets totaled 105 billion 200 million yuan, representing an increase of 16%; industrial fund assets totaled 412 billion 700 million yuan, representing an increase of 111.86%; industrial Consumer Finance Companies also emerge in small consumer credit market. Light capital, high efficiency transformation getting better The commercial banks are facing a slowdown in profit growth, spreads, rising debt costs, asset quality continued pressure on the development of the new normal". Industrial Bank difficulties, adhere to the "light capital, high efficiency" development, continue to deepen the transformation, do "take the customer as the center". From the structure of assets and liabilities, the return to risk weighted assets rate oriented, reduce the proportion of risk assets, various investment increased significantly over the year 1 trillion and 240 billion yuan, an increase of 91.04%, the overall risk weight assets fell 1.38 percentage points; liabilities, and actively expand the multi channel liabilities, interbank deposit certificate issued to continue to maintain a leading position in the market, ending balance compared with the beginning of the year increased 197 billion 500 million yuan, deposits of non deposit financial institutions 441 billion 100 million yuan over the beginning of growth. The optimum balance in the whole banking industry spreads under the condition of net interest income grew 25.40%, achieved a total revenue of 154 billion 348 million yuan, an increase of 23.58%, in the same type of joint-stock banks second. Annual data show that in 2015 the Industrial Bank's operating costs are also more "light" and "high efficiency". It is understood that the bank by creating the whole line of "credit factory" and the backstage operations center, efforts to improve the efficiency of the production. At the same time, vigorously promote the internal management informatization, automation and intelligent level, reduce management costs, improve operational efficiency. In 2015 the bank business and management fees grew 11.54%, operating income rose less than 12.04 percentage points; the cost income ratio 21.59%, down 2.19 percentage points at the optimal level of listed joint-stock banks. Business strategy, and actively promote the "big investment" and "wealth" and "information management" and "trading bank" four kinds of light capital, asset light business development, the implementation of the "four wheel drive". "The big investment banks, wealth, information management business to further consolidate the pattern. Non financial corporate debt financing instruments underwriting scale reached 384 billion 245 million yuan, an increase of 22.12%%, the underwriting topped joint-stock banks in 4 consecutive years. Group management Valet asset size 3 trillion and 859 billion 604 million yuan, an increase of 76.40% over the year; the bank balance of financial products 1 trillion and 438 billion 558 million yuan, an increase of 72.26%, the median income for financial services 9 billion 528 million yuan, an increase of 22.37%. Asset custody amounted to 7 trillion and 213 billion 948 million yuan, an increase of 52.64% over the year, hosting business scale and hosting business income are listed in the whole market second. Transaction banking, cash management at the end of 2015, the customer number 17597, representing an increase of 46.87%; daily cash management customer deposits 835 billion yuan, an increase of 32.06% over the beginning. On train, train, Treasury financing through train "three train to achieve turnover of 150 billion yuan. The foreign currency settlement of cross-border business amounted to $122 billion 394 million, a new high. <strong> Differences in management features to create bank</strong> The Industrial Bank of interbank business have strong innovation ability and first mover advantage, can effectively deal with the lack of demand for credit situation, and the market price of the interbank assets and liabilities accounted for relatively high, affected by the impact of the interest rate market is relatively small." A securities analyst commented. To the end of 2015, the interbank assets growth of 44.83%, interbank liabilities increased by 42.56%, non bank institutions and stable interbank deposit liabilities accounted for a substantial increase, asset liability matching continued to strengthen. As the most market-oriented and innovative gene of commercial bank, industrial bank for many years and always adhere to innovation as the starting point, take different path of development, give full play to their keen sense of smell, market innovation ability, system flexibility and other advantages, grasp the market opportunities, bold new "blue ocean", out of a characteristic the bright road of development and the formation of competitive advantage in many fields. Green financial business is one of the most beautiful name card, after 10 years of exploration and development, at present the bank has established a wide range and variety of the group of green product service system, can provide financing, leasing, covering the green green green, green, green investment trust fund and green consumption series, personalized green financial solutions for customers. As of the end of 2015, providing a total of green finance financing 804 billion 600 million yuan for more than 6000 enterprises, green financing amounted to 394 billion 200 million yuan, an increase of 33.18% over the beginning. Bank cooperation continues to lead the market. To the end of 2015, the bank silver silver platform customers amounted to 653, the cumulative counter settlement agent connection network of more than 36 thousand and 200, in total for the silver silver platform settlement 41 million 630 thousand and 800 pen, an increase of 56.77%, total settlement amount of 2 trillion and 904 billion 144 million yuan, an increase of 42.22%. The Internet financial business a. The "silver silver platform" as the foundation, the Industrial Bank has accumulated a good platform for financial cooperation with financial institutions and scientific and technological strength, use the "Internet plus" Dongfeng, which further increase the product and channel innovation in service platform and service scene construction under the relentless effort, pushing the line on the line under the combination of heaven and earth, docking ", and constantly improve the customer experience. In order to open financial platform big money dispensers, for example, by the end of 2015, the number of customers reached 3 million 400 thousand, up 215% compared with the beginning of the period; for terminal customers financial products sales reached 774 billion yuan, an increase of 42.43%; the treasurer wallet product size of 67 billion 500 million yuan, ranking the forefront of the IMF camp. In 2016, "13th Five-Year" at the beginning of the year, the bank based on market, integration, internationalization direction, more emphasis on "stability, innovation, linkage", more emphasis on the reform of institutional mechanisms and meticulous management, in order to change the mode of development to improve the quality and efficiency of development, to achieve the group's overall strength to a new level in the new year, made more obvious results in the service of the real economy, deepening the reform and transformation of risk to hold the bottom line etc.. swivel coupler

The FOMC announced Thursday the RMB exchange rate is still hard to break the board material

The market has been concerned about the Fed's April meeting, precast accessories Beijing on Thursday (April 28th) at the upcoming rate decision. In the FOMC announcement of the results before the last few days, the dollar index continued weak shocks. Analysts pointed out that the FOMC overall impact on the foreign exchange market is expected to be weaker than the previous, current RMB exchange rate is expected to continue the pattern of consolidation. The FOMC announced Thursday. For the Federal Reserve meeting on interest rates, the current mainstream market generally believe that since late March because many Fed officials are constantly to the differences of opinion within the fed wind, the focus of the Federal Reserve decision is expected is not of interest or not. FXTM Chinese futony market analyst Zhong Yue said that the Fed interest rate decision in April, consistent with market expectations the Fed will halt the troops and wait. Because not held a press conference, will announce the latest economic outlook, the Fed policy statement as the only factor may lead to a large market, the need to focus on three aspects. Is a statement in March and summary, FOMC internal divisions for the U.S. economy and the outlook for inflation and the interest rate, if the differences still exist, the Fed rate hike in the internal problems still have not reached a unified, it will be negative for the dollar. The two is the Fed's assessment of global financial environment, the market will become a tipping point. Since the March meeting, the global market cautiously, Chinese worries eased, a strong rise in global commodity and stock market, especially the international oil prices began to affect inflation material. The Fed should admit it, from this point of view, the Fed's assessment of the U.S. economy and inflation to be more optimistic, the wording is not too cautious, it will be good for the dollar. Third, the most important point, is whether the Fed will issue a policy signal of interest rate hike in June. Although the probability of this makes this clear signal is very low, but if the Fed statement to improve the years of interest rate risk, will greatly boost the dollar. Although the Fed's meeting before the answer revealed are unknown, but the market still believes that the current comprehensive factors, at this stage the dollar still lack a rebound basis. As long as the Fed remains without interest attitude, is still likely to continue to weaken the dollar. In addition, the recent Barclays Bank and a number of foreign financial institutions also published the views pointed out that if this week's Federal Open Market Committee Resolution no highlights, are likely to further stimulate the weaker dollar. The RMB exchange rate is still expected to continue steady performance The RMB exchange rate, although the RMB exchange rate and the spot exchange rate since last weekend was significantly weakened, but has yet to break the last phase of the consolidation pattern. In April 27th the interbank foreign exchange market between the RMB exchange rate against the dollar price of 6.4837, 6.4882 of the middle price than Tuesday rose 45 basis points. Strong at the same time in second consecutive days, also returned to the second half of the 4 since the 6.48 line near the central shock level. The spot exchange rate of RMB against the U.S. dollar Wednesday performance, the spot exchange rate unchanged at 6.4935, is also a continuation of the recent focus on the 6.49 line within a narrow range of operation characteristics. The offshore market, 27 yuan to the dollar exchange rate continued to CNH narrow range, as of the date of 16:30 at 6.5070, compared with the previous trading day down 40 basis points or 0.06%, and the domestic spot exchange rate spreads continue to maintain in the level of 100 basis points. Traders further said that although Thursday's FOMC results are still large uncertainties, but the final interest rate decision and statement of policy is expected to impact on the foreign exchange market co.. Considering the recent domestic economic fundamentals and the momentum of recovery, the central bank has been cautious in quantitative easing on the policy stance, all parties in the market for the RMB exchange rate is expected to remain stable overall is still very strong. The short term, as long as the news does not appear too beyond market expectations of RMB exchange rate factors, the consolidation pattern is also expected to continue. Reporter Wang Hui halfen channel

Comment: margin – reduce umbrella investors risk

– Fu Peng What is the exchange risk management purposes? The Chicago stock exchange group managing director of Harriet Hunnable CME on how to adjust the deposit ratio control by referring to the market system risk: market price fluctuations and volatility expectations is our continuous exchange of key factors to improve the margin ratio, when the market is steady, scaffolding clamps we will review on the market, and adjust again on the margin. CME assessment of the market, the internal use of SPAN to calculate the appropriate margin ratio, in order to reduce the risk of investors in a turbulent market in." To maintain the stability of the market and protect the investors is the exchange to take preventive measures for risk management purpose, and the margin is adjusted from the exchange umbrella — domestic and foreign exchange exchange in common. How to determine the deposit fee standard Coordinate the exchange as a trading platform, in the process of collection of double auction bidding information, the actual behavior of all market observers is the most direct, in monitoring the market situation at the same time, found that the potential risk of market turbulence, so as to take preventive measures in the first time. Using a suitable current risk margin is very important, the exchange will usually set up a market measure system of simulation proportion of deposits, SPAN is the more advanced method. The exchange of the overall market potential gains and losses of the price range of assessment in the assessment of deposit should be considered into a basket of investment targets, including price risk on the delta contracts arbitrage risk, cross species arbitrage risk, but also to assess the delivery cost, net option comparison. The standard charge on the margin of the exchange is based on the risk value theory, which is more internationally accepted industry standards. Why do you want to adjust the margin ratio In all markets, commodity trading market due to the relatively limited scale, when the depth of irreconcilable contradictions, the financial effect of volatility generated tend to result in some relative risk by rapid amplification, causing great harm in the market. In Chinese, the stability of the financial market also has another special significance, especially the commodity futures market stability. In principle, the price of commodity futures market reaction to a future price expectations, expected from all kinds of information collected, which is based on fundamental judgment; reverse reason, commodity futures prices will eventually transfer to the corresponding commodity spot prices, expected to reach self realization of commodity futures consistent with the fundamentals of the future. In this level, the commodity futures market performance is more easily transmitted to the corresponding entity industry, once the futures market volatility occurs, the entity is difficult to avoid its influence, so the stability of commodity futures market in China is particularly important. It also spawned China characteristics monitoring in the market environment of the commodity market is subject to the exchange, and the exchange by the management requirements of higher management. Starting from the exchange point first, exchange unwanted systemic risk in their own market; secondly, the problem occurred in the market under the condition of accountability mechanisms to guide regulators to exchange and exchange of accountability, in explaining why the market volatility, not only to the market in itself has the function of price discovery on the grounds explain, need to have accountability object specific further. In terms of technology, regulators may not exchange well versed in the road, so the risk of regulators to exchange and exchange will not bear the responsibility, under the severe market responsibility completely, usually point to the financial leverage of futures trading. In a stable market, financial leverage is considered financial innovation; market volatility, financial leverage is considered to be the factors that will further push the responsibility to a large number of malicious short or long, outside with funding, such as high-frequency trading have become the object of the accused. To curb excessive market volatility, the exchange is often taken to increase the margin to increase transaction costs, if the margin adjustment can not effectively change market sentiment, reduce market volatility, but further restrictions to suspend the transaction. In a related case China financial history is not uncommon, from the year 327 to the Treasury shortly before the stock index futures, according to the same script staged control market plot, almost without exception. The deposit is not a panacea. Source of market volatility is the same fundamental contradiction, because speculation is too powerful, resulting in fundamental contradiction of supply and demand of the price before the repair phase mismatch by the market reaction in the infinite zoom, price is volatile, the formation of potential systemic risk. So the exchange to take timely measures to carry out the on-site intervention measures, although the exchange does not change the root cause of the problem, but the market can inhibit further fermentation, to prevent systemic risk. However, if the exchange control measures applied over the expected pressure on the market, but will make these to ease the market as the starting point of the risk prevention measures become trigger systematic risks. Because the restrictions would be inhibited in the mood, capital, degree of speculation, negative feedback loops may lead to inhibition of the futures market, the impact on prices in the short term; on the other hand, the price itself sometimes on the fundamentals of supply and demand the negative feedback loop, change the structure of the supply and demand of the spot, with shortage of goods, the price falls during the process of excess supply in the process of price increases. Adjust the margin measures the most conventional market systemic risk, exchange risk control system is most likely to produce a measure of the effect on the market, although the starting point of the implementation of exchange restriction policy is to ease the market turmoil, but the market may make adjustment of the exchange over interpretation, causing some negative effects. cuplock scaffolding

The United States Treasury officials: Asian investment bank can play a constructive role"

Reference News Network April 28 foreign media reported that the U.S. Treasury officials said Beijing Hitz published in April 27th, the establishment of infrastructure investment banking in Asia if able to operate in the best way, and the implementation of security measures properly, will be able to provide a "constructive supplement for the existing world multiple lending system". According to the BBC Chinese network reported on April 28th, but he said the United States does not consider investing in Asian investment bank. Sheats in the house finance committee convened the meeting that the Treasury needs to see the first Asian investment bank positive operation records, and then to consider the investment problem. Asian investment bank with other development banks, such as the cooperation of the world bank and the Asian Development Bank, to help build a positive operating record. He said that in Asia really need infrastructure construction, if we can take the best mode of operation, safety and responsibility in the implementation of these projects, the bank can play a supplementary role in the construction of the. halfen frimeda

Hubei route through the bank to build a provident fund transfer mechanism

In the current market regional imbalance in the background, prop nut our country city provident fund Lengrebujun contradiction is more prominent. Hubei province is the first in the first attempt: through bank to build inter city provident fund transfer mechanism, BFD coupler the first in the country to break the barrier between the province of the central provident fund. Industry insiders, in the existing institutional framework, the pilot of Hubei is a useful attempt to improve the provident fund system. The changing face of the real estate market, the provident fund system reform has been imminent. City provident fund Lengrebujun One is a second tier city provident fund loan rate remains high, in tight liquidity, on the other hand, it is the three or four line of the city provident fund use efficiency is not high. The regional imbalance in the context of the real estate market, inter city provident fund Lengrebujun contradiction is more prominent. But the problem is that almost no current liquidity around the housing provident fund. A grass-roots fund supervision department responsible person, according to the regulations of the existing housing provident fund management, housing provident fund management is the main housing provident fund management center, the identity is the institution directly to the people's Government of the District of the city of each set, no transfer mechanism between, from a financial point of no account can be adjusted. Therefore, even if a part of the tight liquidity, to lend money, other cash rich area can not help. In addition, the subjective urban provident fund between open use resistance is large, the local government generally will be stored as provident fund to bank financing conditions, would not the balance of funds transfers in the province. From a nationwide perspective, last year's national urban employment 400 million people, who have 118 million housing provident fund deposit, covering urban employment of more than 1/4, the cumulative total deposit 7 trillion and 490 billion yuan deposit balance 3 trillion and 700 billion yuan. In the part of the real estate hot city, provident fund rate is already close to or more than 100%, and a number of small and medium-sized city use rate of less than 50%. However, the differentiation of liquidity and regional demand is forced provident fund system to break the regional barriers. Since 2014, our country has launched the fund reform policy, resolve remote mutual credit problems, expand the provident fund deposit, improve fund use efficiency. It is understood that at present, Guangxi, Hainan, Zhejiang and other places have started the housing provident fund loan business in different places, Changsha and Guiyang also attempted to establish relations of cooperation fund off-site use within a small range. Hubei had paid in expanding surface, relax extraction conditions at the same time, started to use mutual credit, first in the country to carry out the province, the province of different loans, and Hunan, Jiangxi to carry out the "triangle" three remote mutual recognition of each other to promote the new citizens of the provident fund loans, the purchase, rental housing, the expansion of housing consumption etc.. Industry insiders, in the existing institutional framework, the provident fund system reform pilot open hole, but not the system has not established a funding mechanism normalization. The establishment of the Hubei provident fund transfer mechanism Hubei recently built provident fund transfer mechanism to bypass the provident fund management system itself, with the help of the banking institutions to deposit and loan in the form of integration to solve the problem of inter city finance. Its mode of operation for the Hubei branch of China Construction Bank and the establishment of provincial, municipal virtual books in its internal. Hubei provincial housing department to coordinate and guide the Hubei province within the fund loan rate is low, a large amount of surplus funds of provident fund management center and Local Construction Bank signed into the virtual account, the Hubei Provincial Department of housing and Construction Bank credit scale determined by the new fund. In the financial sectors, the Hubei branch of China Construction Bank by credit, corporate account overdrafts, asset securitization, bonds, loans and other forms of commercial revolution, to provide liquidity support to the demand for funds of provident fund management center. Hubei Provincial Department of housing provident fund supervision department responsible person, Hubei to build the fund transfer mechanism also addresses the security fund pricing and funding issues. In the capital pricing, capital construction bank financing for entering the virtual swap books, the Construction Bank of new deposits to give preferential certificates of deposit, the benchmark deposit rate based on the floating 30%. For the applicant to adjust the financing side, the construction bank according to the benchmark lending rate to float downward 5%. At present, Hubei has launched the first round of funding financing business. Xianning city housing provident fund management center, Qianjiang city housing provident fund management center and the Shiyan housing provident fund management center of Dongfeng Branch Center to carry out contract transfers of funds financing. The specific form: by the Qianjiang municipal housing fund management center, Shiyan housing provident fund management center of Dongfeng Branch Center respectively to the virtual pool of funds to inject 50 million yuan, 150 million yuan, by the bank to the Xianning city housing provident fund management center to provide 200 million yuan loan. Hubei provincial housing department said that Hubei hopes to explore the provincial level of housing provident fund transfers and financing mechanism, realize transfers of funds in a wider range, the balance of funds positions to resolve liquidity risk. At the same time, make full use of the housing provident fund system, the function of the housing provident fund to support housing consumption, and effectively improve the efficiency of the use of provident funds, optimizing the allocation of funds in the provident fund. At present, Hubei second provident fund transfers financing business has entered the stage of preparation, the loan rate reached 105% of the capital of Wuhan is expected to join the pilot, to ease liquidity difficulties in financing city. Accelerate the improvement of fund top-level design Industry insiders said that the provident fund reform in the direction of the next step is to continue to expand the deposit surface, activate the new buyers groups, let more people enjoy the preferential. At the same time, accelerate the improvement of the top-level design, let the local pilot uniform specification. Chinese Index Research Institute (Hua Zhong) Market Research Director Li Guozheng said, "Hubei City provident fund policy adjustment and financing platform has certain reference significance for other provinces and cities of Hunan, Anhui and other Western regions." A lot of western area and Hubei Province, the capital city of a single large, provident fund rate high, but the gap between the larger cities in the province, the implementation of different loan fund policy in favor of capital in the interconnection, from provincial level to optimize the integration of resources, expand the deposit, so that more families benefit. Some experts believe that in the long run, still need to accelerate the top-level design of the provident fund system, rationalize the relationship between the parties, there are guidelines for the implementation of the standardization of local adjustment. Zhongnan University of Economics and Law School of public administration professor Zhang Yuanfeng wrote the analysis, behind the current provident fund services and management problem is the housing provident fund management problems. The existing fund management system exists the problem of overall level is too low, the nature of the institution and governance structure is not reasonable. She believes that the path is feasible, the first to solve the housing provident fund payment, management, and the use of some existing problems, the fund can provide better service to low-income persons, in expanding the coverage of the deposit at the same time, actively expand service and service upgrade work. At the same time, to explore the implementation of the provident fund at the provincial level, enhance the management level. ringlock scaffolding

The recovery of funds face relaxed open market with net return

With the cumulative effect of the central bank continued to appear big launch, erection anchor in addition to MLF, scaffolding accessories due to tax and other disturbance factors gradually subsided, the funds will ease the tight situation, the money market interest rates rose in a row several days finally appeared to stop rising signs of decline. In April 27th, the central bank still maintain the operation of reverse repurchase billion scale, but due to the large amount of maturity, the day of the open market net return of 120 billion yuan, for the recent 13 trading days since the first net return. Market participants pointed out that the central bank carried out again after the MLF operation, continue to launch large rolling short-term liquidity pressures eased, so the expected reduction in the operation of reverse repurchase. But in the short term, before the end of the month there is still a large number of reverse repurchase expires, and coincides with the small holiday eve, also need the central bank funds face care". The medium term, the central bank is expected to still insist on moderate monetary policy, taking into account taxes in May, June at the end of the two quarter MPA assessment and other factors, the two quarter funds face is still likely to fluctuate. Capital return loose Since April, the central bank repurchase by high frequency rolling combined with MLF to provide short-term liquidity, in three to carry out MLF operation and 10 consecutive trading days the net open market, along with the waning of disturbance factor, capital will ease the tight situation. In April 27th, the central bank interest rate tender to carry out 120 billion yuan of 7 day repurchase operations, the successful rate was 2.25%, unchanged from the previous period. To reduce the amount of operation than the previous 140 billion yuan repurchase amount slightly. At the same time as yesterday reverse repo maturity amount to 250 billion yuan, the day open market to achieve a net return of funds 130 billion yuan, for the recent 13 trading days since the first net return. Although the open market on Wednesday into the net return, but the inter-bank market funds supply ample liquidity conditions improved significantly over the previous few days. In April 27th, the Shanghai interbank offered rate (Shibor) overnight varieties repurchase rate down 1.20 basis points to 2.024%. In addition, yesterday, the inter-bank collateral repo market, the main repo rate downward in most period. Data show that in addition to the R007 weighted average interest rate of uplink 7.17BP to 2.6702%, R001, R014, R014, R021, R1M weighted average interest rate fell 1.11BP, 17.89BP, 26.42BP, 1.85BP, the latest reported 2.0308%, 2.9963%, respectively, 3.0842%, 3.0848%. According to traders, the continuing impact of MLF and OMO, yesterday morning opening is very loose, short-term demand will soon be resolved, then overnight varieties to overflow, 7 days 14 days across the supply end still cautious, the overall supply is less than demand. The afternoon funds face increasingly loose, a large number of financial institutions reduced overnight but needs only a handful of points. Liquidity still care Market participants pointed out that the improvement of insurance funds in the central bank under the "MLF+ reverse repurchase", open market operations homeopathic drop, in line with market expectations. Although the liquidity of tension may has entered the end, but this week, 870 billion yuan repurchase expires, and coincides with the holiday month, funds face pressure is still underestimated, expect the central bank will continue to use a variety of tools to deal with reasonable fluctuations in the financial side, capital is expected to spend smoothly. The Milky Way Securities pointed out that the operation of 870 billion yuan this week last week, reverse repurchase expires, the central bank repurchase by high frequency rolling combined with MLF to provide short-term liquidity, drop the necessary delay. But because of the open market operation and MLF funds rate for commercial banks have a higher cost of funds, coupled with the impact of macro Prudential assessment, credit default event, the weekly open market due to factors such as the pressure, the inter-bank funds face continued tight short-term difficult to change. Market participants expect the subsequent central bank still adhere to the moderate monetary policy, the central bank continued to care, it is difficult to "shortage of money" the massive liquidity crisis. CITIC Securities pointed out that from the fundamentals, the current monetary policy is still the responsibility of steady growth, and in 2013 to prevent overheating and tighten the situation there are essential differences, coupled with the "Asia inflation" pattern has been basically confirmed, does not exist on the monetary policy tightening requirements. From a policy perspective, the central bank does not have the intention of similar "stress tests" in 2013, but on the capital side Weiwen intent significantly, this is mainly due to the non-standard tighter regulation mechanism under the situation of the investment bond market changes to the central bank through the maintenance of stability, the key to control the overall risk of the bond market bond purpose, so that the capital market risk control. Reporter Wang Jiaolifting anchor

Chongqing Singapore enterprises to issue bonds funds directly return the bilateral market open

Beijing April 28 Chongqing Xinhua (reporter Liu Xian) people's Bank of Chinese Chongqing business management department issued 28 financial situation in the first quarter of 2016, scaffolding clamps Chongqing. Reporters learned from the meeting, BFD coupler Chongqing Singapore enterprises to bond funds can be directly. Singapore companies Chinese inter-bank bonds market. China and Singapore third inter governmental cooperation projects in Chongqing operation center. Finance is the key areas of cooperation, there are a number of policy innovation pilot, including the equity investment fund of RMB foreign investment business, Chongqing Singapore enterprises to issue RMB bonds business, individuals often under the cross-border RMB settlement business. The people's Bank of Chongqing business management department China credit management office deputy director Gu min to accept Beijing Interview with reporters, said, Chongqing Singapore enterprises to issue RMB bonds to give enterprises more effective use of two kinds of domestic and overseas market channels resources. In the past, Chongqing enterprises to Singapore issued RMB bonds, bond funds return restrictions required by the approval of the head office of the people's Bank of Chinese. Now, bond funds can be directly returned, and can be used for the entire western region Chinese. This saves money back time cost for enterprises. Gu Min said, since the first quarter of 2015, the inter-bank market interest rate bonds issued monthly decline. The first quarter of 2016, financial corporate debt financing instruments weighted average interest rate of 4.51% in Chongqing. The ultra short term financing bonds interest rate advantage is more obvious, such as the Chongqing water group Limited by Share Ltd to issue the ultra short term financing bonds issuance rate is only 2.66%. At present, Singapore bond interest rate advantage is not obvious. But the Chongqing enterprises to issue RMB bonds in Singapore to reflect better. The ancient Min said, many enterprises in Chongqing and the relevant bank signed an agreement of intent, once a good window will start work soon. At the same time, the ancient Min said, if low interest rates, many Singapore companies also have a desire to China the inter-bank bonds market, has received some advice. The "two-sided markets are open." In addition, the reporter learned from the meeting, the two sides in the new establishment size of 100 billion yuan of equity investment fund in Chongqing, can go to the Singapore investment, investment to expand the scope of the world now. cast in ferrules

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